Due to the vast number of industries that exist, it is impossible to list every single business expense. However, there is a comprehensive list of common IRS business expense categories applicable to most businesses. In addition, streamlining the process of tracking your business expenses will ensure that you don’t miss out on any tax deductions….
All Taxes Articles - Page 3
Top 25 Realtor Tax Deductions – Are You Paying Too Much?
Let’s face it: working as an independent real estate agent has its perks, but tax time is certainly not one of them. This guide will demystify Real Estate Agent tax deductions to help lower your tax bracket. You should also consider utilizing tools that will make it easier to keep track of deductible items throughout…
Maximize Your Tax Refund in 4 Easy Steps
Business tax deductions and credits will help you lower your tax bill. You might be familiar with the most common tax deductions, like wages paid to employees, business meals and advertising costs. However, you may not be as familiar with deductions for your home office, automobile and interest paid on business loans and credit cards….
Self Employment Tax Rates 2018 & How to Lower Your Tax Bill
The self employment tax rate includes both Social Security and Medicare taxes. Anyone who makes $400 or more in self employment income must pay self employment taxes. For 2017, you will pay between 15.3 percent to 16.2 percent in self employment tax if you make $400 or more in self employment income; quarterly tax payments…
Employer Payroll Taxes: The True Costs of Hiring a New Employee
Employer payroll taxes are calculated by combining 50 percent of Social Security taxes (12.9 percent of employee wages), 50 percent of Medicare taxes (2.9 percent), and 100 percent of federal and state unemployment taxes. While you can make these calculations yourself, it’s much faster and easier to use a payroll software to complete these calculations…
IRS Schedule C Instructions Step-by-Step (Including C-EZ)
Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member LLC. You must file a schedule C if the primary purpose of your business is to generate revenue/profit and if you’re regularly involved in your business’s activities. Schedule…
Home Office Tax Deduction: What it is, Formula, & How to Qualify
If you are a sole proprietor or single-member LLC and use your home as your office, you could qualify for a home office tax deduction. For example, if you use 15% of your home as an office, you can write off up to 15% of your household bills, such as utilities, insurance, and general repairs….
Deducting Travel & Entertainment Expenses: The Ultimate Guide
Most people know that travel and entertainment expenses are deductible, but don’t understand all of the rules and regulations around it. In general, you can write off 100% of all business-related travel expenses and 50% of all business-related entertainment expenses. In order to deduct the expenses, they must meet specific requirements set by the IRS….
IRS Form 8832 Instructions & FAQs
Form 8832 is the IRS form that a Limited Liability Company (LLC) must submit to be taxed as a C Corporation. You would also use Form 8832 to go back to being taxed as a sole proprietorship or partnership. If you don’t, you will receive the default tax treatment for your type of business. Most…
Find Your State Tax Website
If you’re opening a store, one of your first steps will be to register with the relevant state tax agency. They will help you find out exactly what taxes you are required to charge, based on your type of business and your inventory. Using a POS such as Lightspeed will enable you to charge customers…
